Asian shares rise after gains on Wall Street as corporate profits pile higher
Apr 29, 2025, 8:19 PM
Shares were mixed Wednesday in Asia after U.S. stocks rose again as companies reported stronger-than-expected profits.
U.S. futures fell and oil prices also edged lower.
Uncertainty around President Donald Trump鈥檚 trade war limited gains in U.S. stocks. So did a drop in consumer confidence and a weak update on how many job openings U.S. employers were advertising at the end of March.
Tokyo’s Nikkei 225 index edged 0.1% higher to 35,871.74.
Japanese automakers鈥� shares fell even after Trump signed an order relaxing some U.S. tariffs on imports of autos and auto parts.
In Hong Kong, the Hang Seng lost 0.3% to 21,941.40, while the Shanghai Composite index slipped 0.1% to 3,283.51.
South Korea’s Kospi dropped 0.6% to 2,548.88, while the S&P/ASX 200 in Australia picked up 0.2% to 8,086.90.
Taiwan’s Taiex was up 0.4%.
On Tuesday, U.S. stocks rose again. The S&P 500 climbed 0.6% to 5,560.83 as its winning streak extended to a sixth day. The Dow Jones Industrial Average added 0.7% to 40,527.62. The Nasdaq composite rose 0.5% to 17,461.32.
CEOs say they鈥檙e unsure how long their companies can keep piling up profits due to the lack of clarity about Donald Trump鈥檚 trade war.
Honeywell International helped lead the market with a gain of 5.4% after reporting stronger profit and revenue for the latest quarter than analysts expected. It also raised its forecast for profit over the full year.
Sherwin-Williams rose 4.8% for another one of the market鈥檚 bigger gains after the paint and coatings company likewise reported a better-than-expected profit.
UPS stock swung between losses and gains at the day鈥檚 start of trading after it reported a stronger profit than analysts expected for the first three months of 2025. Because it鈥檚 the world鈥檚 largest package delivery company, UPS can offer a window into how the global economy is doing.
But UPS also said it wasn鈥檛 updating its financial forecasts previously given for 2025 because of 鈥渢he current macro-economic uncertainty.鈥� It also said it expects to cut about 20,000 jobs and close 73 buildings this year. Its stock finished 0.4% lower.
Investors fear Trump鈥檚 tariffs could bring a recession if left unaltered because they could freeze global trade and send prices higher for all kinds of products. And Trump鈥檚 on-again-off-again rollout could by itself throw into disarray the long-term plans for spending and investment by businesses and households.
U.S. households are getting much more pessimistic because of tariffs, and a report from the Conference Board on Tuesday said their expectations for income, business and job market conditions dropped to the lowest level since 2011 and are well below the level that usually signals a recession ahead.
U.S. Treasury Secretary Scott Bessent said such economic uncertainty is a tool Trump can use as he negotiates tariffs and trade deals. 鈥淧resident Trump creates what I would call strategic uncertainty in the negotiations,鈥� he told reporters at the White House.
General Motors slipped 0.6% despite reporting a stronger profit for the latest quarter than analysts expected. The company rescheduled a conference call with investors to discuss its results and forecasts for 2025 to Thursday because of 鈥渞ecent reports regarding updates to trade policy.鈥�
Coca-Cola also overcame an early drop to rise 0.8%. The beverage giant reported better-than-expected earnings in the first quarter and said the impact of tariffs on its business are likely to be 鈥渕anageable.鈥�
Treasury yields fell. The yield on the 10-year Treasury dropped to 4.17% from 4.23% late Monday.
Yields have largely been sinking since an unsettling, unusual spurt higher earlier this month rattled both Wall Street and the U.S. government. That rise had suggested investors worldwide may have been losing faith in the U.S. bond market鈥檚 reputation as a safe place to park cash.
In other dealings early Wednesday, U.S. benchmark crude oil lost 9 cents to $60.33 per barrel. Brent crude, the international standard, shed 6 cents to $63.22 per barrel.
The U.S. dollar rose to 142.39 Japanese yen from 142.35 yen. The euro fell to $1.1369 from $1.1386.
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AP Business Writer Stan Choe contributed.
